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Australia: Inventory of Estimated Budgetary Support and Tax Expenditures for Fossil-Fuels

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Australia: Inventory of Estimated Budgetary Support and Tax Expenditures for Fossil-Fuels AUSTRALIA: INVENTORY OF ESTIMATED BUDGETARY SUPPORT AND TAX EXPENDITURES FOR FOSSIL-FUELS Energy resources and market structure Coal mining dominates Australia’s energy production, with more than three-quarters of coal output going to export. Australia holds the fifth-largest coal reserve base in the world. It also produces and exports significant volumes of natural gas, the proven reserves of which have grown significantly in recent years with the discovery of large volumes of unconventional gas. The country is less well-endowed with oil resources; just under half of the country’s oil is currently imported. Coal is the leading primary fuel in Australia’s energy mix, accounting for 42% of total energy use; it is used mainly for power generation. Oil, with 32%, and natural gas, with 21%, meet most of the rest of the country’s energy needs, while biomass, hydro-electric power and other sources of renewable energy make only a minor contribution. Well over half of the country’s total energy production is exported. Australia was a pioneer of energy market liberalisation in the 1990s. Early reforms involved the deregulation of its downstream oil sector and the coal-mining industry, the lifting of export controls on coal, the introduction of regulated third-party access to natural-gas and electricity networks, and the privatisation of some utilities owned by federal and state governments. Structural and regulatory reforms in the electricity and gas sectors have continued in recent years with the aim of creating efficient wholesale and retail markets. Over 90% of Australian coal production is anthracite and bituminous (black) coal. The industry is located almost entirely in the states of New South Wales (NSW) and Queensland, with close to three-quarters of production coming from open-cast mines. The industry is wholly in private hands. Four major coal mining companies—Rio Tinto, BHP Billiton, Xstrata, and Anglo American—together account for well over half of total Australian black-coal production. Lignite (brown coal) is produced exclusively in the state of Victoria, almost all of it by three mines in the Latrobe Valley. The oil industry is also entirely privately owned. The upstream sector is made up of small, medium and large companies, many of which are foreign-based. Refining is in the hands of four vertically integrated refiner- marketers: BP, Caltex, Mobil, and Shell. There are also independent fuel retailers, including supermarkets, some of which have established alliances with the refiners. The natural-gas sector has undergone considerable change as a result of market expansion and reform. Many of the vertically integrated public gas utilities have been structurally disaggregated and the separated entities privatised. Energex, in Queensland, is the only major gas-distribution company still in state ownership. Retail competition is being progressively introduced in most jurisdictions. The electricity sector has been unbundled into separate generating, transmission, distribution and marketing companies. There is a mixture of state-owned and private companies in power generation, transmission and distribution, while all marketers are privately owned. In South Australia (SA), state-owned assets are privately managed under long-term leases. The Snowy Mountains Hydro Electric Scheme, co-owned by the NSW and Victoria states, is the only company in which the Federal government holds a stake. Electricity transmission in Australia is open access. The Australian Energy Market Commission (AEMC) is responsible for determining rules and giving policy advice covering the national electricity market (NEM). The Australian Energy Regulator (AER) is responsible for rule enforcement for the NEM as well as economic regulation of transmission and distribution networks. Prices for most transmission assets in the NEM are set by AER, subject to a revenue cap, but it is also possible for new assets to be unregulated and earn market rates. Prices, taxes and support mechanisms With the exception of electricity and natural gas, energy prices are completely deregulated in Australia. Despite the introduction of contestability in retail markets, the electricity and gas for households and for small businesses that have not chosen to switch to a new supplier continue to be regulated on a cost-of-service basis. Victoria is the only state to have abolished retail price controls, in 2008. The other states plan to eliminate retail price regulation only when competition is well-established. Upstream taxes in Australia consist mostly of the federal Petroleum Resource Rent Tax, which now applies to both offshore and onshore petroleum production, and of the new Mineral Resource Rent Tax that applies to coal and iron-ore projects. Downstream taxes comprise mainly the general Goods and Services Tax (GST) and excise taxes on motor fuels. GST—a type of VAT charged at each stage of production and distribution, currently at a rate of 10%—is applicable to sales of nearly all final energy products. All motor fuels are subject to a flat per- litre federal excise tax, though there are some exemptions. Liquefied petroleum gas (LPG), as well as liquefied and compressed natural gas, receives a complete exemption from the excise tax. In addition, domestic producers of biofuels (both ethanol and biodiesel) receive excise-tax rebates, which are also available to imported biodiesel. From 1 July 2012, a carbon price will be applied to certain emission sources in Australia. The price will be fixed for the first three years starting at AUD 23 per tonne in 2012-13 and rising by 2.5% in real terms in each subsequent year. Beginning in July 2015, the carbon price will transition to a flexible price under an emissions trading scheme, with the price determined by the market. Industries subject to the carbon price include the stationary energy sector, sections of the transport sector, industrial processes, new large landfill waste facilities and fugitive emissions. A range of measures will provide assistance to households and industries (including AUD 1.6 billion for the steel and coal industries) and support research and development. There are no longer any significant support measures in the upstream sector in Australia, following the removal in 2008 of a partial exemption from an excise tax normally levied on crude oil for condensate—a low- density mixture of hydrocarbon liquids contained in gaseous form in the raw natural gas produced from some gas fields. In the downstream sector, the principal support measure at the federal level other than differential taxation is the Fuel Tax Credits for Heavy Diesel Vehicles programme, which provides businesses operating heavy trucks a partial or full rebate on the fuel excise tax depending on the type of vehicle they drive and the sector in which they operate. Eligibility for the tax credit is conditional on satisfying certain environmental criteria. The federal government also runs a grant scheme for consumers who convert their gasoline cars to LPG, though the government announced that it would cap the number of grants to be issued for three years. Some states and territories also provide support for the production and consumption of fossil fuels. The Northern Territory (NT), NSW, SA, and Western Australia (WA) all provide programmes that encourage hydrocarbon exploration. The federal government and the states of NSW and Queensland have also funded transport infrastructure related to coal and R&D projects in relation to clean-coal technologies. Meanwhile, NSW and Queensland have financed the rehabilitation of derelict mining sites, including coal mines. On the consumption side, most Australian states and territories provide some form of rebates to low-income households to assist them with the costs of energy. In the road-transport sector, the period between 1997 and 2011 saw all states and territories providing support in one form or another for certain uses of gasoline and diesel fuel. Prior to 1997, states used to set their own excise taxes on fuel, often in the form of business license fees. Exemptions and reductions thus varied among jurisdictions. However, in 1997, Australia’s High Court found state-level excise taxes to be unconstitutional. To compensate states for the resulting loss in revenues, the federal government increased its nationwide fuel excise tax and returned the corresponding additional revenues to the states. These arrangements ceased in 2000 as part of agreed national tax reforms. However, some states and territories continued to provide fuel subsidies for several years on until all remaining state-level schemes were eventually phased out in 2011. 2 Data documentation General notes The fiscal year in Australia runs from 1 July to 30 June. Following OECD convention, data are allocated to the starting calendar year so that data covering the period July 2005 to June 2006 are allocated to 2005. Since Australia is a federal country, the data collection exercise was also conducted for the following states and territories: the Australian Capital Territory (ACT), New South Wales (NSW), Northern Territory (NT), Queensland (QLD), South Australia (SA), Tasmania (TAS), Victoria (VIC), and Western Australia (WA). Federal government Producer Support Estimate The offshore extraction of oil and natural gas in Australia is subject to a particular tax regime that combines a resource tax and the regular corporate income tax. The Petroleum Resource Rent Tax (PRRT) was introduced with the Petroleum Resource Rent Tax Assessment Act of 1987. It is project- based and applies to taxable profits at the rate of 40%.1 PRRT rules allow for the full deduction of exploration, development, and decommissioning expenditures. Financing costs are, however, not deductible for PRRT purposes. Unclaimed deductions can be carried forward and compounded every year at varying rates. Some of these deductions can also be transferred to other projects within the same company or group. The general corporate income-tax rate in Australia is 30% and deductions are allowed for PRRT payments, business expenses, and exploration costs related to mining (including coal) and oil and gas extraction.
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